Following a complex investigation, the Alberta RCMP Integrated Market Enforcement Team (IMET) have obtained Canada-wide warrants for a husband and wife who are believed to have operated a fraudulent investment company identified as Family First Dynasty Inc. in Millarville, Alta.
IMET’s investigation uncovered a scheme that allegedly defrauded clients out of their finances and resulted in more than one million dollars lost by victims.
Fernando Honorate de Silva Fagundes, 65, and Emilia Alas-As Elansin, 40, both of no fixed address, have been charged with the following:
· Fraud over $5,000 contrary to Section 380(1)(a) of the Criminal Code;
· Theft over $5,000 contrary to Section 334 of the Criminal Code; and
· Laundering the Proceeds of Crime contrary to Section 462.31 of the Criminal Code.
Fagundes allegedly operated his criminal activity under the alias Jovan Cavallon and Elansin under Janelle Cavallon. Fagundes portrayed himself as a day-trading expert and used an investment course operated under another company of his, Day Trading Coach Inc., to approach victims with investment opportunities later determined to be fraudulent.
Investors in both Alberta and British Columbia reportedly provided money to Fagundes through Family First Dynasty Inc., believing he would trade their finances in the stock market to make them a profit. The investigation showed that Fagundes allegedly obtained approximately 1.3 million Canadian dollars from victims and, rather than investing the funds, took the money for his own gains. Elansin is believed to be responsible for managing the administration of Fagundes’ two companies.
Fagundes is believed to have committed similar frauds in Portugal, the United States, Saskatchewan, and Ontario. Fagundes and Elansin have fled the Millarville area and their current whereabouts are unknown.
The Alberta RCMP was able to successfully lay charges in this investigation through collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, Alberta Securities Commission (ASC), Ontario Securities Commission, Financial and Consumer Affairs Authority of Saskatchewan, and US Federal Bureau of Investigation.
IMET is a specialized unit under the RCMP Federal Policing program that detects, investigates, and deters market fraud. The IMET unit works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets.
If you have any information with respect to the whereabouts of either Fagundes or Elansin, or suspect yourself to be a victim of this particular scam, you are asked to contact IMET at 403-699-2434 or CalgaryIMET-EIPMFCalgary@rcmp-grc.gc.ca.